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604 Fall Wheat Drive Murphy, TX 75094

4 Beds 3 Baths 2,713 sqft Built 2007

INVESTimate

$420,000

List Price

$2,180

$1,962 - $2,398

Rent Est.

$443,016  ( +5.48%)   1 YR EST. FORECAST

PROPERTY INFO

August 20, 2020 RECENTLY ADDED
FACTS
  • Built In 2007
  • Price/Sqft : $154.81
  • 7 Days on Market
  • MLS # : 14408444
  • Updated Date : 08/20/2020 at 16:04
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,713 sqft
  • Baths : 3 full
Listing Agent

Vip Realty

Listing Agent's Description

Beautiful KHOV 1 story home on a quiet street in Maxwell Creek North. The Kitchen w maple cabinetry & granite countertops opens to the family rm featuring a stone fireplace & builtin bookcases. The formal dining room-formal living features a fireplace with French doors to the large covered patio. Some of the many upgraded features include nail down handscraped hardwood flrs, travertine tile in the kitchen-nook-utility room, 8 foot doors, undermount sinks in all baths with stone-quartz countertops, built in desk & bookshelves in study. Surround sound in the family rm & builtin speakers in several other areas. Gas tankless water heater, Ecobee thermostats & Ring doorbell. New 16 SEER rated HVAC system in 2018

SEE MORE

MARKET HIGHLIGHTS

  • . Dallas has 7th largest concentration of high-tech jobs in the U.S. (Dallas Chamber)
  • # 1 in the country for job growth in 2017 (2.6% growth, 91,700 new jobs) (US Census, Forbes, 2017)
  • Dallas metro's economy is worth $579 billion in Gross Metro Product and projected to grow to $613 billion in 2019 (USMayors.org, 2018)
  • Home to 20 Fortune 500 headquarters, 39 Fortune 1000 headquarters and 12 of Forbes' top private companies (Fortune)
  • Dallas metro contributes to 31.9%% of Texas state economy i.e. Gross State Product (USMayors.org, 2018)
  • Dallas metro has 67.1% labor force participation rate higher than the national rate 62.8% (USMayors.org, 2018)

PRICE & RENT TRENDS

Neighborhood: Maxwell Creek North

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450kPrice in $123k458k

* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR

Neighborhood: Maxwell Creek North

NeighborhoodNIR Market*CityMarket2010Year20002019 Q212001300140015001600170018001900200021002200230024002500Rent in $11262522

* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR

SCHOOLS

NAME EDUCATIONAL LEVEL SCHOOL TYPE # OF STUDENTS # OF TEACHERS GREATSCHOOLS RATING
Tibbals Elementary School Primary Regular 613 37 10
Raymond B. Cooper Junior High School Middle Regular 748 44 10
Raymond B. Cooper Junior High School High Regular 748 44 10

Tibbals Elementary School

  • Education Level: Primary
  • # of students: 613
  • # of teachers: 37
10
GreatSchools Rating

Raymond B. Cooper Junior High School

  • Education Level: Middle
  • # of students: 748
  • # of teachers: 44
10
GreatSchools Rating

Raymond B. Cooper Junior High School

  • Education Level: High
  • # of students: 748
  • # of teachers: 44
10
GreatSchools Rating
 

$378,000$462,000$420,000

PURCHASE PRICE

$1,962$2,398$2,180

RENT

DOWN PAYMENT
FINANCING

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$200k$400k$600k$800k$1.0M$1.2M

PROJECTED ANNUAL CASH FLOW

11530-$10k-$8.0k-$6.0k-$4.0k-$2.0k$0.0$2.0k$4.0k$6.0k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M$1.2M

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,180
EXPENSES Loan Payment -$1,550
Property Tax -$731
Property Insurance -$184
HOA -$67
Property Management Fees -$99
CASH FLOW
-$450

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 15% of earned rent to cover both maintenance and periods of vacancy.

$420,000

PROJECTED PRICE

$2,180

PROJECTED RENT

0.52%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.94%
Appreciation Year (1-5) 5.48%
Maintenance Year (1-5) 8.00%
Vacancy 6.93%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$117,050

INVESTMENT

$117,050

Down Payment
$105,000
Rehab Estimate
$5,750
Closing Costs
$6,300

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 70% down payment or higher enables the proceeds from the asset to cover all costs.

$1,550

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $105,000
Loan Amount $315,000
See What Happens When You Reinvest Cash Flow

0.42

YEARS SAVED

$822

INTEREST SAVED

CASH FLOW REINVESTMENT

The time & interest saved by applying each month's positive cash flow towards loan principal pay down.

  • $2,180

    LIST RENT
  • $0.8

    LIST RENT PER SQFT
  • $2,238

    COMP ESTIMATED VALUE
  • $0.83

    COMP AVG. RENT PER SQFT
Comps Range
$2,095
1$2,0952$2,0953$2,1004$2,1805$2,300
$2,300
RENT COMPS ANALYSIS
  • 604 Fall Wheat Drive Murphy, TX 4
    • 4 beds 3 baths ∙ 2,713 Sqft ∙ Built 2007 4 beds 3 baths ∙ 2,713 Sqft ∙ Built 2007
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,180
    • $0.80
    •  
  • 3600 Lombardy Drive Wylie, TX 1
    • 4 beds 3 baths ∙ 2,534 Sqft ∙ Built 2002 4 beds 3 baths ∙ 2,534 Sqft ∙ Built 2002
    property image
    LEASED 08/22/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,095
    • $0.83
    •  
  • 733 Twin Valley Drive Murphy, TX 2
    • 4 beds 3 baths ∙ 2,727 Sqft ∙ Built 2004 4 beds 3 baths ∙ 2,727 Sqft ∙ Built 2004
    property image
    LEASED 09/14/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,095
    • $0.77
    •  
  • 103 Goldenrain Drive Wylie, TX 3
    • 4 beds 2 baths ∙ 2,630 Sqft ∙ Built 2004 4 beds 2 baths ∙ 2,630 Sqft ∙ Built 2004
    property image
    LEASED 04/23/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $0.80
    •  
  • 712 Twin Valley Drive Murphy, TX 5
    • 4 beds 3 baths ∙ 2,562 Sqft ∙ Built 2003 4 beds 3 baths ∙ 2,562 Sqft ∙ Built 2003
    property image
    LEASED 10/22/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,300
    • $0.90
    •  
PROPERTY LISTING DETAILS
Shawna King
Vip Realty
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14408444
Last Updated: 08/20/2020
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